Category Articles: What You Keep or Lose

When you declare bankruptcy you agree to ‘assign’ or give up what you own in exchange for the elimination of your unsecured debts. The underlying principal of bankruptcy in Ontario however is not to punish but rather to give you a fresh start. Because of that there are several types of assets which you can keep even though you filed for bankruptcy. These personal bankruptcy exemptions mean that the vast majority of people who file bankruptcy in Ontario keep most, if not all, of what they own.

Read more about specific situations and assets you may be concerned about in our blog articles below. Alternatively, if you do have assets that may be affected by declaring bankruptcy, read more about consumer proposals in Ontario which allow you to keep your assets while still dealing with your debts.